General
Tony Elumelu Foundation releases first tranche of $5m partnership commitment from AfDB
Philanthropist, Tony Elumelu, has congratulated the African Development Bank (AfDB), and its President, Akinwumi Adesina, on their commitment to African entrepreneurship, with the disbursement of $2.5million seed capital to the AfDB-sponsored beneficiaries of the 2019 TEF Entrepreneurship Programme.
The fund was released on Monday with the remainder expected to be disbursed to the entrepreneurs in the first quarter of the year.
The AfDB commitment follows the recent $8.5 million disbursements from the United Nations Development Programme (UNDP) to 2,648 entrepreneurs in the Sahel region and Africa and further accelerates the economic empowerment generated by the Tony Elumelu Foundation.
In 2019, the foundation significantly increased the scale and reach of its impact, with the number of beneficiaries of its flagship entrepreneurship programme rising from its annual commitment of 1,000 to 5,150, in collaboration with global and African partners.
With its commitment to strengthen small and medium-sized enterprises and develop young entrepreneurs, AfDB joined the growing list of global development institutions benefiting from the Tony Elumelu Foundation’s model of identifying, training, mentoring and funding entrepreneurs and start-ups across Africa.
The partnership demonstrates the implementation of the AfDB’s 10-year ‘Jobs for Youth in Africa’ strategy, launched in 2016, to support the creation of 25 million meaningful jobs across the continent.
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